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College House Pharmacy is moving out of the Square claiming the University pharmacy has cut into a substantial percentage of its business.
James McCarthy, manager of the College House pharmacy, said yesterday the store drew 60 per cent of its business from the University community, but since University Health Service (UHS) pharmacy opened last June, his prescription sales have dropped substantially.
McCarthy posted a notice on the front window of the store which says in recent years rents have risen dramatically and economic pressures have increased. "However the fact that Harvard University has gone into the prescription business was the determining factor in our decision to leave Cambridge," McCarthy wrote.
Dr. Warren E.C. Wacker, director of UHS said yesterday the University opened the pharmacy to provide students and staff with drugs at a convenient price.
The University drugstore is able to obtain drugs at lower prices than retail stores because it operates as part of UHS, which has the same status as a hospital. Independent pharmacies and chain stores must obtain their drugs from a wholesaler.
Other pharmacists in the Harvard Square area said yesterday their businesses had not been drastically affected by the opening of the University drugstore.
"We may have lost about 20 per cent of our sales, but we will have to wait to see what happens. I hope that we will be staying in business," Robert Landers, manager of Billings and Stover on Brattle Street, said yesterday.
The Consumer Value Stores, (CVS), a chain of over 200 discount pharmacies, has bought the College House Pharmacy site and expects to open a store there in late July.
Harvey M. Rosenthal '64, vice-president of general management for CVS, said yesterday the company does not expect the Harvard community to be the sole supporters of its operation.
"We expect to attract a complete mixture, and I think we will be very successful," Rosenthal said.
Rosenthal added CVS will stay open until midnight to compete with Store 24 and Brighams
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